SMEs seeking bank financing have traditionally had a tough task on their hands in the UAE. However, small steps are being taken to resolve this issue, and optimism is widespread that the situation will improve in line with the country's Vision 2021 national agenda. James King reports.
While the short-term future of the UAE's banks looks promising thanks to a growing national economy and rising oil prices, it is the sector's long-term prospects – due largely to its early embracing of AI and collaboration with fintechs – that are giving the greatest cause for optimism. James King reports.
The Dubai International Financial Centre has risen to become a major trade, investment and logistics hub over the past decade. However, as James King discovers, it is eyeing further growth through its strategy to become a leading global centre by 2024.
The United Arab Emirates Banks Federation is embarking on a range of measures to tackle the country’s slowing economy, including improving mobile banking payment services, bolstering the assistance provided to SMEs, and developing a more consistent approach to applying sharia law to finance. Its chairman speaks to James King.